Federal Agricultural Mortgage Corporation

Good day and welcome to the FarmerMAC fourth quarter and full year 2020 earnings results. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one. Please note that this event is being recorded. I would now like to turn the conference over to Brad Nordholm. Please go ahead, sir.

Good afternoon, I'm Brad Nordholm, and I'm very pleased to welcome you to our 2020 fourth quarter and year-end investor conference call. We have a great report and a number of positive developments to present today. But before I begin, I will first need to ask Steve Mulry, our general counsel, to comment on forward-looking statements that management may make today, as well as PharmaMac's use of non-GAAP financial measures. Steve? Steve?

Thanks, Brad. Some of the statements made on this conference call may be forward-looking statements under the securities laws. We make these statements based on our current expectations and assumptions about future events and business performance, and we may not be obligated to update these statements after this call. We caution you that forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from the results expressed or implied by the forward-looking statement. In evaluating PhRMAc, you should consider these risks and uncertainties, as well as those described in our 2020 Annual Report on Form 10-K filed with the SEC this afternoon. In analyzing its financial information, PhRMAc sometimes uses measures of financial performance that are not presented in accordance with generally accepted accounting principles in the United States, also known as non-GAAP measures. Disclosures and reconciliations of PharmaMac's non-GAAP measures can be found in the most recent Form 10-K and earnings release posted on PharmaMac's website, pharmaMac.com, under the financial information portion of the investor section. A recording of this call will be available on our website for two weeks starting later today.